Conoco sells Vietnam units for $1.29 billion

Oil company ConocoPhillips (COP.N) said it would sell its Vietnam operations to Perenco for $1.29 billion in the latest divestment of assets that has yielded the company more than $20 billion.

Under the agreements signed with a unit of privately owned Perenco, Conoco would sell its three wholly owned subsidiaries that own stakes in two offshore blocks and 16.3 percent interest in the Nam Con Son Pipeline.

The deal is expected to close in the first half of 2012.

Conoco will split into two companies later this year, with one arm focused oil and gas production and the other on refining and market operations.

Conoco had targeted asset sales of $15 billion to $20 billion by the end of 2012.

With the Vietnam operations sale and including the divestment of its stake in Russia's LUKOIL (LKOH.MM) for $9.5 billion, Conoco has now exceeded it target, with proceeds from the sales now at $20.2 billion.

Next In Deals

Japanese electronic parts maker TDK Corp is in talks to acquire InvenSense Inc, a U.S. chip maker that produces motion sensors for Apple Inc and Samsung Electronics Co, people familiar with the matter said on Friday.

PARIS Pernod Ricard , the world's second-largest spirits group, has agreed to buy a majority stake in Smooth Ambler Spirits, the U.S. maker of Old Scout bourbon and Greenbrier gin, further strengthening its portfolio of premium craft spirits.

MOSCOW Rosneft said on Friday it has enough oil to fulfil new contracts with Swiss trader Glencore as markets gear up for a fierce battle between some of the world's largest merchants for supplies from the Russian company.

Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: